(RTTNews) -  Friday, biopharmaceutical company Halozyme Therapeutics, Inc. (HALO: News ) reported a wider loss for the third quarter, yet beat analysts' estimates, as higher research and development expenses on its ultrafast insulin program offset an increase in revenue.

The San Diego, California-based company's third-quarter net loss widened to $13.9 million or $0.16 per share from $10.9 million or $0.14 per share a year ago.

On average, six analysts polled by Thomson Reuters estimated a loss of $0.18 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the third quarter increased to $3.02 million from $2.46 million for the third quarter of 2008. Analysts expected revenues of $3.11 million for the quarter.

Segment wise, revenue from product sales increased to $411 thousand from $267 thousand in the year-earlier quarter. Revenues under collaborative agreements rose to $2.6 million from $2.2 million for the third quarter of 2008.

Revenues under collaborative agreements in the third quarter of 2009 primarily consisted of the amortization of license fees and a milestone payment received from Baxter and Roche of $1.8 million and research and development reimbursements from Baxter and Roche of $0.8 million.
Total operating expenses for the quarter increased to $16.97 million from $13.66 million in the prior-year quarter, as research and development expenses climbed to $13.2 million from $10.1 million in the third quarter of 2008. Higher research and development expenses were primarily due to an increase in clinical trial expenses as a result of higher spending on the ultrafast insulin program and an increase in research and development head count.

Operating loss for the quarter widened to $13.94 million from $11.20 million in the third quarter of 2008.

For the nine-month period, the company's net loss widened to $45.7 million or $0.54 per share from $31.8 million or $0.40 per share in the similar period of 2008. Revenue for the period increased to $7.23 million from $5.70 million in the year-earlier period.

In the third quarter, Roche initiated a Phase 3 clinical trial with subcutaneous Herceptin formulated with Halozyme's recombinant PH20 enzyme. This represents the first Roche product to enter a Phase 3 registration trial as part of the Halozyme-Roche collaboration, and initiation of this clinical trial triggered a milestone payment of $5 million to Halozyme. Roche intends to enroll 552 patients with HER2-positive breast cancer in the study.

To receive FREE breaking news email alerts for Halozyme Therapeutics, Inc. and others in your portfolio

 1   2   Next Page